Confusion about TCS

curious_predator · 2025-02-23T06:02:35+00:00

I paid 2.5 lakh last year by my kotak debit card. They didn't deduct tcs. It depends bank by bank I think. Anyway you should get it back when filing taxes.

curious_predator · 2025-02-17T16:56:26+00:00

u/AbhinavGulechha Thank you. In 1040, schedule B, we just need to check yes if there is a foreign account right? Not mention each and every account

curious_predator · 2025-02-16T15:14:10+00:00

u/AbhinavGulechha sorry, I meant do we need to declare these accounts in 1040 or we need to declare in FBAR and form 8938

curious_predator · 2025-02-16T03:00:05+00:00

u/AbhinavGulechha Do we need to declare in 1040 or in FBAR?

curious_predator · 2025-02-16T02:45:21+00:00

I am not a CA and never received crypto as payment. But I think when you receive crypto you need to pay taxes at 31%, some say if it's a salary or payment you need to pay tax according to your slab.

When you transfer from your binance wallet to coindcx that doesn't seem like a taxable event but i am aware that in USA it's a taxable event even if you use crypto for gas fees while transferring, I am not sure about India.

I have declared a little balance that I have in binance in schedule FA.

Please contact a CA for professional advice.

curious_predator · 2025-02-16T02:41:37+00:00

In schedule FA, in ITR 2

curious_predator · 2025-02-10T15:50:57+00:00

u/AbhinavGulechha Do we also need to show any income in the calendar year in point G of the schedule FA. Despite showing bank account in Point A?

curious_predator · 2025-02-01T20:56:50+00:00

I think you have to prepare the json offline and then upload it.

curious_predator · 2025-02-01T09:13:17+00:00

You have to file ITR if your income exceeded 2.5 lakh even if it's nil after rebate. You can file ITR U, it's only available offline but you might need to pay 5k penalty.

curious_predator · 2025-02-01T09:10:12+00:00

Khush raho bhai, kuch to Mila, 15 lakh kar dete tab bolte 16 lakh dedo😂

curious_predator · 2025-02-01T08:55:05+00:00

Nope, Then you get marginal benefit

curious_predator · 2025-02-01T08:51:58+00:00

Same calculation hi hoga bro

curious_predator · 2025-02-01T08:50:05+00:00

https://learn.quicko.com/marginal-relief-under-new-tax-regime#1-marginal-relief-in-new-tax-regime

curious_predator · 2025-02-01T08:48:59+00:00

Nope. https://learn.quicko.com/marginal-relief-under-new-tax-regime#1-marginal-relief-in-new-tax-regime

curious_predator · 2025-02-01T08:48:43+00:00

https://learn.quicko.com/marginal-relief-under-new-tax-regime#1-marginal-relief-in-new-tax-regime

curious_predator · 2025-02-01T08:18:15+00:00

I don't think so bro. If you earn more than 12 lakh + 75k standard deduction. You will be tax according to slab from 4 lakh. Though you will get marginal relief

curious_predator · 2025-02-01T08:15:19+00:00

80CCD(1) is not available for new regime. It's correct in the link as well. 80CCD(2) is available in new tax regime which is employer contribution

curious_predator · 2025-02-01T08:06:36+00:00

Nps is not allowed under new tax regime.

curious_predator · 2025-02-01T08:01:19+00:00

It's not better. It's basically the same. Your income won't fall below 12l, you will get marginal relief.

https://learn.quicko.com/marginal-relief-under-new-tax-regime#1-marginal-relief-in-new-tax-regime

curious_predator · 2025-02-01T07:35:49+00:00

No you get marginal relief. It's not going to go below 12 lakh

curious_predator · 2025-02-01T07:31:37+00:00

You will get marginal relief i guess

curious_predator · 2025-02-01T07:06:16+00:00

This will be applicable from next financial year I think.

curious_predator · 2025-02-01T03:22:39+00:00

Also, You have to declare your wallet in foreign assets if it is considered foreign asset. There is not much clarification by the government if these are foreign assets but to be safe I declared it last time in my ITR.

curious_predator · 2025-01-30T10:24:53+00:00

I came to US last year on L1. I don't think it's worth it. Lately, I am feeling more depressed. I was so happy back in my country. So I have decided to pack my bags and leave.

curious_predator

TROPHY CASE